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World Bank endorses $125m grant for Zambia

World Bank Executive Board of Directors has approved a US$125 million International Development Association (IDA) Grant to help Zambia restore macroeconomic stability and make progress towards debt sustainability.

According to a statement released by World Bank Public Relations Officer Carlyn Hambuba, yesterday , this is the second Development Policy Financing (DPF) operation which is aimed at helping Zambia promote inclusive sustainable economic growth.

“This second operation builds on the success of the first DPF approved in October,2022,” reads the press statement.

And Minister of Finance and National Planning, Dr Situmbeko Musokotwane said the grant will boost the [New dawn administration’s] efforts in resolving economic challenges.

World Bank Country Manager Achim Fock, said the second DPF demonstrates the [Bank’s] commitment in supporting Zambia’s efforts to emerge from its debt crisis and achieve a more sustainable and inclusive economic growth path.

“Through our multi-sectoral support, we aim to create opportunities for robust growth, strengthen the credibility of the public sector, and improve the poverty impact,” Mr Fock said.

“The operation is underpinned by significant debt reduction consistent with the joint International Monitory Fund and World Bank(IMFWB) Debt Sustainability Analysis and steps the Government of the Republic of Zambia is taking to restructure its external debts.”

Finance Minister also said the second DPF will enhance efforts aimed at restoring fiscal and debt sustainability, increasing farmer productivity and access to markets.

“A more predictable investment climate will increase external financing, boost Zambia’s competitiveness and create more prospects for jobs and better livelihoods for citizens,” He said.

Dr Musokotwane reiterated the need for consistency in communication and cooperation with the business community, civil society, local governments, and development partners.

“Management and staff, join President Hichilema in welcoming the World Bank’s grant support of US$125 Million,” reads the press statement from Ministry of Finance.

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